Everything is still bearish but remains to be seen if this DZ has any power left as in the first visit reaction was poor.
Failing wedge broke down, Bollinger Bands are still open indicating that squeeze is still on and relative volume is increasing while in selling mode. AVWAP (green line) from major 2020 low was violated to the downside as the main TL from that low.
Only positive is that RSI momentum is well below 30, so maybe a reactionary move upwards is in the cards, probably to trap any weak spirit longs before the downtrend continue lower to the first main target of 10K.
Remaining short and will start hedging if price fall behind 10K, as in yearly time frame can reach the area between 2019 closing price at 7,168 and 2020 low at 3,850.
Cheers,
P
Failing wedge broke down, Bollinger Bands are still open indicating that squeeze is still on and relative volume is increasing while in selling mode. AVWAP (green line) from major 2020 low was violated to the downside as the main TL from that low.
Only positive is that RSI momentum is well below 30, so maybe a reactionary move upwards is in the cards, probably to trap any weak spirit longs before the downtrend continue lower to the first main target of 10K.
Remaining short and will start hedging if price fall behind 10K, as in yearly time frame can reach the area between 2019 closing price at 7,168 and 2020 low at 3,850.
Cheers,
P
